Second Stimulus Check Details
While the exact language has to be worked out, if the second stimulus check is the same as the first, this is how it will be structured.
It would give an advance on a refundable tax credit of $1,200 to qualifying Americans plus an additional $500 for dependent children under 17 years old.
The qualification is based on your adjusted gross income:
- Single filers who earn less than $75,000 a year will get the full benefit. Those who earn more will see their check reduced by 5% of the amount they earn over $75,000.
- Joint filers who earn less than $150,000 a year will get the full benefit. Those who earn more will see their check reduced by 5% of the amount they earn over $150,000.
This is lower than what was proposed by the Heroes Act but since it matches the amounts of the Cares Act, anyone who received a check from the first stimulus check would receive the same one for the second stimulus check.